HSBC Midcap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

HSBC Midcap Fund Direct Growth Plan has a NAV of ₹547.0881 as of 09 Sep 2026 and scheme AUM of ₹17,188 Cr. Its 1-year, 3-year and 5-year returns are 22.93%, 24.35% and 19.48% respectively, and the fund sits in the High Risk category.

Our view is that it has combined a strong mid-cap style with periods of volatility, which suits investors who can stay invested through uneven stretches and want exposure to a portfolio that is still actively shaped by individual stock selection.

Quick facts

Particular	Details
NAV	₹547.0881 as of 09 Sep 2026
AUM	₹17,188 Cr
Expense Ratio	0.64%
Launch Date	01 Jan 2013
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	Nil upto 10% of units and 1% for above the limits on or before 1Y, Nil after 1Y
Fund Managers	Cheenu Gupta

The fund is managed by Cheenu Gupta.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	2.1%	-2.04%
3M	10.23%	4.88%
1Y	22.93%	5.51%
3Y	24.35%	15.36%
5Y	19.48%	15.14%

The recent pattern has been constructive. The fund gained in the latest 1-month and 3-month windows, and that matters because the short-term record shows it has held up better than the benchmark during a weak month and then accelerated during the next stretch.

What stands out more is the size of the gap over 1 year, where the fund’s 22.93% return is well ahead of the benchmark’s 5.51%. That tells us the scheme has not merely tracked the index; it has added meaningful active return over the latest annual cycle.

The 3-year and 5-year figures show that this is not only a recent burst. At 24.35% over 3 years and 19.48% over 5 years, the fund has stayed ahead of the benchmark in both longer periods, with the 5-year lead still visible versus the index’s 15.14% return. Our read is that the fund has delivered stronger compounding than the benchmark while also showing the swings that usually come with a mid-cap style.

That combination is important for investors. The recent monthly and quarterly trend is firmer than the benchmark, but the longer record suggests the fund’s path is not linear. It has rewarded patience more than consistency in any single short spell.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD HSBC Midcap?

A fund's past returns alone don't tell you whether you should buy it today or continue holding it.

The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.

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Peer comparison

Fund	1Y return	3Y return	5Y return
HSBC Midcap Fund Direct Growth Plan	22.93%	24.35%	19.48%
WOC Mid Cap Fund Direct Growth Plan	16.16%	21.78%	Data not available
Helios Mid Cap Fund Direct Growth Plan	14.68%	Data not available	Data not available
ITI Mid Cap Fund Direct Growth Plan	14.35%	20.09%	16.94%
Mahindra Manulife Mid Cap Fund Direct Growth Plan	13.23%	17.96%	18.47%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

On the latest 1-year figure, HSBC Midcap Fund Direct Growth Plan is ahead of each peer listed here. The gap is meaningful rather than marginal, which indicates that the fund has recently converted its mid-cap exposure into stronger one-year compounding than the peer set shown.

The longer-horizon picture is also solid. Its 3-year return of 24.35% is higher than the peers with available 3-year figures, while the 5-year return of 19.48% is also above the two peers with available 5-year figures. That means the fund has not only been a short-term winner; it has also kept a healthier longer-term return profile than the available peer comparisons.

The short-term and longer-term stories therefore line up rather than diverge. The fund’s recent performance is strong, and its 3-year and 5-year numbers suggest that the same pattern has been present over a wider stretch of time.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Lenskart Solutions Limited	Domestic Equities	4.81%
Meesho Limited	Retailing	4%
The Federal Bank Limited	Bank	3.96%
Piramal Finance Ltd	Finance	3.92%
PB Fintech Limited	IT	3.87%
FSN E-Commerce Ventures Limited	Retailing	3.61%
Ather Energy Limited	Domestic Equities	3.57%
Apar Industries Ltd	Capital Goods	3.38%
Ge Vernova T&D India Limited	Capital Goods	3.2%
Bharat Forge Limited	Automobile & Ancillaries	2.79%

The top 10 holdings account for approximately 37.11% of the portfolio.

To see all holdings, visit the HSBC Midcap Fund Direct Growth Plan page

The largest position, Lenskart Solutions Limited, is 4.81%, so no single holding dominates the portfolio on its own. The step-down from the first holding to the tenth is visible, but it is not dramatic: the tenth position still stands at 2.79%, which suggests the fund keeps several holdings close together rather than building around one outsized bet.

Because the listed top 10 add up to 37.11% and the full portfolio spans 47 holdings, the fund appears reasonably spread out beyond its largest positions. That mix may reduce dependence on any single name, while still allowing the bigger positions to matter to returns. In our view, this is a portfolio with meaningful active stock selection but not extreme concentration at the disclosed top-holding level.

Source data date: as of 09 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk equity exposure and can stay invested through uneven phases. Its 1-year result is strong, and the 3-year and 5-year figures both remain ahead of the benchmark, which supports a longer holding period rather than a short tactical use.

The main trade-off is that the return path is likely to be less smooth than a broad large-cap style, even though the benchmark comparison has been favourable. Investors who want mid-cap growth potential and can accept volatility may find the risk-return profile understandable; those who need stable near-term outcomes may find the swings harder to absorb.

Tax and exit load

Holding period	Tax rate	Description
Units held less than 1 year	20%	Short-term capital gains tax
Units held more than 1 year	12.5%	Long-term capital gains tax

Exit load applies as nil up to 10% of units and 1% for units above the limit on or before 1 year. After 1 year, there is no exit load.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of HSBC Midcap Fund Direct Growth Plan?
The current NAV is ₹547.0881 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 22.93% for 1 year, 24.35% for 3 years and 19.48% for 5 years.

How has it performed versus the benchmark?
It has stayed ahead of the benchmark across 1 month, 3 months, 1 year, 3 years and 5 years. The widest gap is in the 1-year figure, where the fund has clearly outpaced the index.

How does it compare with the peer funds shown here?
Its 1-year, 3-year and 5-year returns are stronger than the peer funds listed with available figures. The shorter and longer horizons point in the same direction.

What is the exit load?
Exit load is nil up to 10% of units and 1% for units above the limit on or before 1 year. There is no exit load after 1 year.

Who manages the fund?
Cheenu Gupta manages the fund.

Bottom line

HSBC Midcap Fund Direct Growth Plan has shown a stronger recent run than its benchmark, and that strength is also visible across 3-year and 5-year periods. The peer comparison tells a similar story: the fund’s available return figures are ahead of the comparable peers shown here. The portfolio is spread across 47 holdings, with the top 10 accounting for 37.11%, so the fund combines active stock selection with a level of diversification that is still meaningful. It is best viewed as a High Risk mid-cap option for investors with patience for volatility.

Published on 10 September 2026 at 12:25 PM IST

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RIA disclosure

Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.